Maine Excise Tax Calculation

mikebike357

New member
Searched the web to find this info... thought some of you might find it useful when thinking about buying a car:

HOW IS THE EXCISE TAX CALCULATED?

Excise Tax is calculated by multiplying the

MSRP by the mil rate as shown below.

The rates drop back on January 1st each year.

1st Year .0240 mil rate

2nd Year .0175 mil rate

3rd Year .0135 mil rate

4th Year .0100 mil rate

5th Year .0065 mil rate

6th Year .0040 mil rate

For example, a 3 year old car with an

MSRP of $19,500 would pay $263.25.

($19,500 X .0135 = $263.25)

http://maine.gov/revenue/forms/property/pubs/excisetaxbrochure.pdf

Think about that when you buy your 2008 STI ($38k x 0.0240 = $912 EEch!)

 

inski

New member
How come other states don't have this magic formula?

Double taxing the same thing!?!??

Its like taxing your tax return as imcome from the previous year...oh, wait, they do that too.

 

mikebike357

New member
Well.. back in PA I had to pay a 1% local wage tax. Sooo... depending upon what you drive, the excise tax is a bargain to cover your local municipality tax. It just hurts to have to pay out a lump sum vs. paying quarterly or having it come out of your paycheck. Plus, you take your excise tax as a deduction on your annual tax form so...

Since my Forester is a 2003 and the sticker was around $26k IIRC, I should be paying about $100 this year! WHOO HOO!

The 08 Brokeback is another story...

 

Runnah

New member
Not only am I thinking about an Mitsu in the future but also moving to NH as they are loads cheaper than this state.

Be on the lookout for MitsutunersofNH
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ShagginWagon

New member
Excise tax is BY FAR my least favorite thing about Maine. I just paid it on the leggy- $422. That MFer always shocks me....

 
S

Sub_leg

Guest
My leg just cost $433. after saving a buck by paying online.

 
S

Sub_leg

Guest
It was my former employer cancelling out my 401k that caused this. I usually enjoy a refund.

 

mikebike357

New member
I got boned by a 401k being paid out... When I got the check in the mail I was like "oh sh!t."

I take 0 exemptions on my pay but take 1 on the wife's pay. She owes tax, I overpaid... so it works out pretty well filing jointly and we get more $$ each pay period and a small refund. I'd rather have the cash in my hand each month rather than waiting till April to get a big fat check.

Anywho... March is getting closer...
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Brokeback registration time.
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Excise tax.
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rsalomon13

New member
Still got the temp plates on my used 07 STI but thanks for the formula. I am going wait as long as I physically can to register this bad boy. I am not looking foward to coughing up 700 bucks when I already paid my sales tax and all kinds of other fun expenses out of pocket.

 

Pedro

٩(͡๏̯͡๏)۶
Still got the temp plates on my used 07 STI but thanks for the formula. I am going wait as long as I physically can to register this bad boy. I am not looking foward to coughing up 700 bucks when I already paid my sales tax and all kinds of other fun expenses out of pocket.
700? its based on MSRP not what you paid.

and yes it sucks.. a lot.

 

rsalomon13

New member
Yeah and the MSRP of an 07 was around 33,495 IIRC. So that works out to a little less then 700. (I think, I might be being an idiot) With all the reg fees included. It is like 25-50 extra depending on if you get a special or vanity plate in addition to the excise tax

 

katnip

the car is black. I swear
it cost less than 100 bucks to register the wrx last month. no sales or excise tax! that is about the only thing that is cheap in New Hampster.

 

mikebike357

New member
well... when I lived in PA it only cost $36 to register the car... but I also had to pay a 1% wage tax to the town I lived in. So... i'll take the excise tax eventhough it sucks having to fork out the $$ every year. At least the Forester was only like $100 this year.

 

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